Program Overview

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MSc Actuarial Science

The MSc in Actuarial Science at the University of Strathclyde has been developed to give students wishing to move into the actuarial profession a strong foundation in the statistical concepts, models, and techniques used in actuarial calculations, their computer implementations, and the financial and economic contexts of these calculations.

Key Facts

• Start date: September
• Study mode and duration: MSc 12 months full-time
• Accreditation: Accredited by the Institute and Faculty of Actuaries (IFoA); Accreditation By Subject Agreement for IFoA subjects CS1 and CB2

Course Overview

Studying an MSc in Actuarial Science at the University of Strathclyde, you'll be learning at a multi-award-winning academic institution. On this course, you'll gain a strong foundation for the understanding of actuarial theory and analysis, prepare for a career in the financial services industry with a quantitative and data-facing role, learn about the nature and functioning of financial markets and institutions, and learn economic theory giving context to the above.

Why This Course

The MSc in Actuarial Science at Strathclyde has been developed to give students wishing to move into the actuarial profession a strong foundation in the statistical concepts, models, and techniques used in actuarial calculations, their computer implementations, and the financial and economic contexts of these calculations. The programme is an innovative cross-faculty alliance between the Strathclyde Business School and the Faculty of Science.

Course Content

The curriculum of our Actuarial Science degree provides a good balance between finance, economic, and statistical theory, computer implementations of this theory, and practical skills and knowledge all underpinning actuarial science.

Semester 1

These are compulsory core modules taken by all students, giving a total of 80 credits of taught modules in semester 1.

• Principles of Finance
  • 20 credits
  • Teaching: 33 hours of lectures supplemented by 10 one-hour workshops
  • Assessment: class test (30%) and final examination (70%)
• Foundations of Probability & Statistics
  • 20 credits
• Inference & Regression Modelling
  • 20 credits
• Fundamentals of Macroeconomics
  • 10 credits
• Fundamentals of Microeconomics
  • 10 credits

Semester 2

Students are advised to take Spatial Statistics for the purposes of exemption from the IFoA professional examination CS1 and choose further modules to make up a total of 60 credits of taught modules in Semester 2.

• Behavioural Finance
  • 10 credits
• Fixed Income Analysis
  • 10 credits
• Equity Analysis
  • 10 credits
• Statistical Machine Learning
  • 10 credits
• Portfolio Theory & Management
  • 10 credits
• Risk Management for Banks
  • 10 credits
• Financial Econometrics
  • 10 credits
• Financial Stochastic Processes
  • 10 credits
• Quantitative Risk Analysis
  • 10 credits
• Risk Analysis & Management
  • 10 credits
• Spatial Statistics
  • 10 credits

Semester 3

• Actuarial Science Summer Project
  • 40 credits
  • The assessment will consist of both a written report and a mini-viva.

Learning & Teaching

Classes are delivered by a number of teaching methods:

• lectures (using a variety of media including electronic presentations and computer demonstrations)
• tutorials
• computer laboratories
• coursework
• projects

Teaching is student-focused, with students encouraged to take responsibility for their own learning and development.

Assessment

The form of assessment varies from class to class. For most classes, the assessment involves both coursework and examinations.

Entry Requirements

• Academic requirements: Minimum second-class honours degree or international equivalent in engineering, science subjects, business subjects, or relevant professional qualifications.
• Mathematical knowledge: Some prior mathematical knowledge is required, for example, A level or equivalent or undergraduate classes in Calculus, Linear Algebra, Differential equations, Probability, and Statistics.
• English language requirements: For postgraduate studies, the University of Strathclyde requires a minimum overall score of IELTS 6.0 (with no score below 5.5) or equivalent.

Fees & Funding

• Scotland: £19,100
• England, Wales & Northern Ireland: £19,100
• Republic of Ireland: If you are an Irish citizen and have been ordinary resident in the Republic of Ireland for the three years prior to the relevant date, and will be coming to Scotland for Educational purposes only, you will meet the criteria of England, Wales & Northern Ireland fee status.
• International: £30,250
• Available scholarships: Take a look at our scholarships search for funding opportunities.
• Additional costs: If you are an international student, you may have associated visa and immigration costs.

Careers

A career as an actuary is a desirable one and is often referred to as one of the best professions to work in. There are many reasons for this, including salary, job security, and satisfaction. The increasing accessibility of healthcare and changes to insurance regulation are driving high demand for actuaries, and once qualified, actuaries are able to work anywhere in the world.

Graduates of this course wishing to pursue a career as an actuary will typically work at an insurance company or at a consultancy. Most graduates enter the profession by joining a company as an actuarial trainee or risk analyst at the same time as studying for professional exams.

Actuaries typically work in the following areas:

• banking
• corporate finance
• investment management
• life, healthcare, and general insurance
• pensions

A wide range of career opportunities that require high-level quantitative skills will be open to graduates of this course, including within the wider financial services.